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Restructuring of insider-dominated firms, Volume 1
 
Author:Djankov, Simeon; Collection Title:Policy, Research working paper ; no. WPS 2046
Country:Georgia; Moldova; Date Stored:2001/04/25
Document Date:1999/01/31Document Type:Policy Research Working Paper
SubTopics:Small Scale Enterprise; Financial Crisis Management & Restructuring; Banks & Banking Reform; Microfinance; Small and Medium Size Enterprises; Private Participation in InfrastructureLanguage:English
Major Sector:(Historic)Private Sector DevelopmentRegion:Europe and Central Asia
Report Number:WPS2046Sub Sectors:Privatization-DV
Volume No:1  

Summary: Using enterprise survey data for 1995-97, the author studies and compares how different modes of privatizing to insiders affect enterprise restructuring in two former Soviet republics, Georgia and Moldova. Restructuring in companies in which incumbent managers received significant ownership stakes for free was similar to that in companies that were still state-owned. By contrast, restructuring was faster in companies bought by their managers. The author interprets these results as suggesting that managers' incentives to restructure decrease when they regard their newly acquired ownership as a windfall gain.

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